Page 82 - Flip Banks TG
P. 82
Post September 2016 Wells Fargo announced a moratorium
on cross-selling and said it was addressing its risk controls.
This is all fine and well but the problem is not a process one,
where elimination of sales quotas will patch-up the bank’s
corporate culture. It does not address the question of
accountability of strategic leadership.
Perhaps change can only be achieved by the imposition of
more punitive, legal and criminal penalties against corporate
executives.
In this light, Wells Fargo strategic leadership must also
address the following issues that affect its organisational
culture:
• Banking is not retailing
• Product development (non-interest-bearing products)
• Remuneration structures
• Excessive focus on growth and market share
• The CEO
• Insular ethical conduct control structure
• Robust auditing
